Manufacturers and wholesalers from the Mumbai jewellery fraternity convened a meeting to unveil a draft Memorandum of Understanding (MoU) aimed at fostering transparent and efficient transactions among manufacturers/wholesalers and retailers.​

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The MoU tackles critical areas including payment terms, credit periods, KYC compliance, gold rate fixing, and forward premiums aligned with retailer credit.​

“Participants voiced strong optimism, viewing the initiative as a driver for fair dealings and compliant with government policies – and sustained growth in India’s gem and jewellery sector,” said Saiyam Mehra, Director & CEO, Unique Chains & Jewels Ltd.

“I am very happy to see Zaveri Bazaar Manufacturers and wholesalers come together and present a united front. This MoU is critical for the survival and growth of our business. We need to be united and firm in our decision to enable this MoU,” said, Chetan Thadeshwar, CMD Shringar – House of Mangalsutra Ltd.

The release of the draft MoU marks a significant step toward strengthening trust, accountability and unity within Mumbai’s jewellery manufacturing and wholesale ecosystem. By addressing long-standing challenges around payments, credit discipline and compliance, the initiative reflects the industry’s collective resolve to adopt fair trade practices aligned with regulatory frameworks. If implemented effectively, the MoU is expected to create a more stable, transparent and sustainable operating environment—supporting long-term growth for India’s gem and jewellery sector.